Business

The company behind the UK’s two shale gas wells has urged the government to overturn an order they be sealed, arguing they could help bolster the country’s energy security in the wake of Russia’s invasion of Ukraine. The Oil and Gas Authority (OGA) had ordered Cuadrilla Resources to fill in the exploration wells, at Preston

Arm, the UK chip designer, has revealed plans to cut between 12 to 15% of its global workforce – up to 1,000 staff. The company said the bulk of the proposed losses would be felt in the UK and US but it did not provide a geographical breakdown. Arm said in a statement: “Like any

The majority of people in Britain don’t think UK’s sanctions imposed on Russia for its invasion of Ukraine go far enough and most would support doing more even if it meant an increase in the cost of living. In an exclusive poll conducted by YouGov for Sky News, 57% of adults said they didn’t think

The owner of the Houston Rockets basketball team has joined the ranks of American sports billionaires exploring a takeover bid for Chelsea Football Club ahead of a deadline for offers. Sky News has learnt that Tilman Fertitta, whose wealth is estimated by Forbes magazine at $6.2bn (£4.8bn), is among the parties given access to a

All remaining COVID travel measures, including the Passenger Locator Form and tests for arrivals, will end this week, the transport secretary has said.   Grant Shapps says anyone arriving in the UK from 4am this Friday will not need to comply with any of the previous rules. He tweeted: “These changes are possible due to

Bidders for Chelsea Football Club have been given extra time to bid for last season’s Champions League winners after the government’s decision to sanction owner Roman Abramovich threw an already-complex firesale into disarray. Sky News has learnt that parties which have joined the process being run by Raine, the New York-based merchant bank, were informed

The AA has raised hope that the record fuel prices, being hit across the UK daily in the wake of Russia’s invasion of Ukraine, will soon start to ease. The motoring group reported that average pump costs for a litre of unleaded on Thursday rose from 159.57p the previous day to 161.06p. Diesel marched upwards

Vladimir Putin has admitted to “problems and difficulties” caused by sanctions after Russia’s invasion of Ukraine but suggested they would be self-defeating for the West. The tightening squeeze on the Russian economy has prompted the rouble to plunge to record lows and ratings agencies to predict that Moscow will default on its debts. But Mr

Roman Abramovich has been sanctioned by the UK government as part of attempts to crackdown on wealthy Russians with assets in the country. The Chelsea Football Club owner is one of seven more Russian oligarchs who have had sanctions placed on them by ministers on Thursday. Last week, Mr Abramovich announced that he intends to

Rishi Sunak must choose to either borrow billions more or allow households to suffer an income squeeze that could be the worst since the 1970s, a leading think-tank has warned. The Institute for Fiscal Studies said the likely impact of the Ukraine crisis on inflation and public finances may force the chancellor to act when

With Heineken and L’Oreal announcing the effective closure of their Russian operations today, the number of Western companies shunning the country continues to grow. Unilever – the Magnum, Domestos and Dove consumer goods titan – has also called a halt on exports to the country. The announcements in Europe came on the back of last

The two British board members of Huawei’s UK subsidiary are to resign over the Chinese telecoms giant’s refusal to condemn Russia’s invasion of Ukraine. Sky News has learnt that Sir Andrew Cahn and Sir Ken Olisa notified the company on Wednesday that they intend to step down from their positions as non-executive directors. City sources

Boris Johnson has announced he will set out an Energy Independence Plan in the “course of the next few days” as April price hike looms. At Prime Minister’s Questions, Mr Johnson said his government “need to meet the long term impact of the energy price spike”. The announcement came as the prime minister was pressed

UK households face the biggest squeeze on their incomes since the mid-1970s as the Ukraine conflict deepens the cost of living crisis, a think-tank has warned. Britain is already experiencing its steepest inflation in three decades and a renewed surge in oil and gas prices caused by the war is set to push it above

The cost of Brent crude oil has surged by 10% to its highest level since 2008 after the United States said a ban on Russian crude imports was being considered as a further sanction following president Putin’s invasion of Ukraine. The international oil benchmark hit $130 a barrel early on Monday – with its US

PricewatwerhouseCoopers (PwC) is to cut its Russian firm adrift from its global network in arguably the most significant exit so far by a multinational company since the Putin government’s decision to invade Ukraine. Sky News has learnt that PwC, one of the world’s big four accountancy firms, will announce publicly on Monday that it is